i'm fantastic how are you doing today i'm great tell us a little bit about you and your background in your business and then we're going to dive into your books

okay so i fell into by accident a very unique end of the real estate business in 1980 at 20 years old and that was the area of dealing in seller financing And so I started in 1980, my wife and I married and moved here to Dallas-Fort Worth in 1982.

And we had a little shop and we bought seller finance notes.

And then I met a lot of real estate investor types.

I developed the note system for home investors for seller financing about 1990.

That's the guys that had the ugly house billboards, right? And so I dealt with a whole bunch of real estate investors in my career.

And I've been the note guy for them.

How do you write your book? Do you sit down and knock it out? Do you talk it out? Do you do it over a weekend? Do you do it over a course of a year? Explain your process to us.

I'm not teaching

people to oversell their property.

Absolutely not.

First of all, it's a violation of Dodd-Frank.

I don't think it's good business.

And so I'm not teaching that.

You can charge a non-QM rate because you are making what would fall under the category of a non-QM loan.

Can you walk us through what that looks like and what that sale to the secondary market looks like? What time duration that happens in an ideal scenario?

That's a

cushion factor for your lender that if something happens to you, that they're owed way less money than what their collateral is worth, what the property's worth.

And so that's what I teach people how to do is buy the loan.

And so think in terms of everything we know about business and in life, it's all about timing.

Something that was great in one era isn't great in the other.

I used to have a BlackBerry.

And it was the cat's meow, but not anymore.

So walk us through a little bit of that and what that looks like and the opportunity.

Yep.

Right? The higher the interest rate, the long- And so people love this.

You know, I s- I never will forget, Joe, this weekend, I was reminiscing a little bit, knowing that I'm gonna do this with you, this po- this training with you this week, right? And I was kind of thinking about this.

You remember ...

And I, I was coaching a whole bunch of people that were in these masterminds that you and I were in, and they were coming to this, like, special creative finance thing.

And Joe, I'd been doing this for decades when I even started this.

Like, this specialty thing of we call it creative terms, right? And I, I'd been do- I'd been around the note space for years.

Yeah.

Okay.

And this was before, like, I kind of perfected the technique, you know, a couple of years later of doing courthouse research and stuff.

First got in kind of the industry to do any of that.

But once again, there wasn't any of that back then.

It was just physically go out and, you know, you'll laugh because most of your audience don't even know what this is, but it's true.

I'd go and, you know, go to the phone booth and get a Yellow Pages and tear out the realtors' names and just start, get a map and start calling.

Yeah.

And so why go into the notes business when everyone is hearing passive income through buying rentals?